1. Opening Hook
Just when everyone thought the Indian EV story had entered its “interval” phase, Exicom walked into the earnings call, dropped60% QoQ growth, launched a new Hyderabad mega-plant, and told Tritium, “Bro, get your act together… but we still love you.”
Critical Power is booming thanks to BharatNet towers popping up like Diwali stalls, EV chargers are flying off shelves faster than festival LEDs, and the company’s margin math is finally gettingsomerespect (unless Tritium shows up).
Strap in — because the real drama is in understanding how Exicom is juggling India’s EV revolution, BSNL tenders, global DC fast chargers, and a US subsidiary burning cash like a Tesla launch pad. It gets spicy.
2. At a Glance
- Standalone revenue up 52% YoY– CFO insists it’s execution, not a one-time jugaad.
- Critical Power revenue up 53%– BharatNet is basically their sugar daddy.
- EV Charger revenue up 55%– AC chargers selling like samosas in monsoon.
- Standalone EBITDA ₹15.1 Cr– Rising slowly… like EV adoption in tier-2 cities.
- PAT ₹5.9 Cr vs ₹1.1 Cr– Finally, some juice.
- Consolidated EBITDA still negative– Thank you, Tritium, for being consistent.
- Order book > ₹1,400 Cr– Enough revenue visibility to sleep peacefully.
- Hyderabad plant ready– Trial runs in November, full production January.
3. Management’s Key Commentary (Quotes + Sarcastic Translations)
Quote:“Both our businesses have found their rhythm again.”(Translation: Last quarter was a flop; this quarter the DJ finally played our song.)
Quote:“Tritium losses will continue for a few more quarters.”(Translation: Strap in, consolidated margins are going to cry till late FY27.) 😏
Quote:“We delivered solutions for 5,000 BharatNet sites in Q2.”(Translation: BSNL ke towers = paise ka flow.)
Quote:“Exports formed 11% of Critical Power revenue.”(Translation: Africa likes our batteries more than some Indian telcos do.)
Quote:“Highest ever volume of AC chargers delivered – 20,000 units.”(Translation: EV owners finally buying home chargers instead of fighting over sockets.)
Quote:“100% customers migrated to our Gen-2 DC charger platform.”(Translation: Old model retired, new model printing invoices nicely.)
Quote:“Tritium selected as primary vendor for the largest DC fleet deployment globally.”(Translation: The future looks good — assuming they survive long enough to deliver.)
Quote:“Hyderabad plant trial production begins now, commercial from January.”(Translation: Please don’t expect a margin miracle this quarter. Next year dekhna.)
Quote:“Consolidated breakeven may take ~4 quarters.”(Translation: Haan, patience
chahiye. Lots of it.)
4. Numbers Decoded
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Metric Q2 FY26 Q1 FY26 Q2 FY25 Trend
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Standalone Revenue (₹ Cr) 228 150 148 Strong up
Standalone EBITDA (₹ Cr) 15.1 12.6 6 Improving
Standalone PAT (₹ Cr) 5.9 1.1 ~0 Finally visible
Consolidated Revenue (₹ Cr) 281.7 205 153 Tritium lift
Consolidated EBITDA (₹ Cr) -32.7 -38.6 -66.7 Less bad
Gross Margin Standalone (₹) 60.3 49.3 47.5 Higher volumes
Order Book (₹ Cr) 1,400+ ~1,000 ~900 Boom time
EV Charger Volume 20,000+ units 17,000 est. 12,000 est Best ever
Exports % (Critical Power) 11% 7–8% Low Growing
-----------------------------------------------------------------------------Quick Takes:
- Standalone business: hero.
- Tritium: certified villain with redemption arc pending.
- Margins: hostage to product mix (Lithium-ion = lower margins).
- EV demand + telecom tenders = gross margin savior.
5. Analyst Questions (Summaries + Humorous Translations)
Q1: Why is the Netherlands/Tritium loss so high? When breakeven?Mgmt: 4 more quarters of pain; long-term looks solid.(Translation: Short term dard, long-term award… hopefully.)
Q2: Hyderabad plant revenue impact?Mgmt: Starts January, meaningful impact only next FY.(Translation: Calm down. Factories aren’t Maggi noodles.)
Q3: Will Hyderabad manufacture for Tritium too?Mgmt: Capability yes; commercial timeline uncertain.(Translation: Ask Tritium to sell first, then we’ll make.)
Q4: Lithium-ion
